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HOUSTON - Patterson-UTI Energy, Inc. (NASDAQ:PTEN), a $2.1 billion market cap energy services company currently trading near its 52-week low after a 32% decline over the past six months, announced Friday that board member Leslie Beyer has been confirmed by the U.S. Senate as Assistant Secretary for Land and Minerals Management at the U.S. Department of the Interior.
Beyer, who joined Patterson-UTI’s board in September 2023, has resigned from her director position following the confirmation.
"Leslie is a trusted voice in our industry," said Andy Hendricks, Patterson-UTI’s President and CEO in a press release statement. "Throughout Leslie’s career, she has helped to shape policy to move our industry forward while supporting the hundreds of thousands of men and women in the energy workforce."
Hendricks added that he was grateful for Beyer’s contributions to the company as a board member and expressed confidence in her future impact in the federal role.
Patterson-UTI Energy provides drilling and completion services to oil and natural gas exploration and production companies primarily in the United States. The company’s services include contract drilling, integrated well completion, directional drilling, and specialized drill bit solutions.
In other recent news, Patterson-UTI Energy reported its second-quarter financial results, revealing an earnings per share (EPS) loss of $0.13, which was below the projected loss of $0.04. However, the company surpassed revenue expectations by reporting $1.22 billion, exceeding the forecast of $1.20 billion. Patterson-UTI Energy also announced that it operated an average of 94 drilling rigs in the United States during August 2025. This figure is slightly down from the 98 drilling rigs reported in July 2025. Additionally, the company has seen significant improvements in the Net Promoter Score for NexTier, which is now part of Patterson-UTI following their merger. Stifel has reiterated its Buy rating on Patterson-UTI Energy, citing consistent progress in customer satisfaction metrics. Conversely, CFRA downgraded the stock from Hold to Sell, highlighting concerns over recent slippage in contract coverage and ongoing headwinds in the energy services sector. These developments provide a comprehensive view of Patterson-UTI Energy’s current business landscape.
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